Like London buses, perhaps boutique London private client law firms arrive in threes. Alongside Berkeley Law and Maurice Turnor Gardner, New Quadrant Partners (NQP) complete this triumvirate of bespoke practices solely focused on individuals and families.
eprivateclient visited the firm at their Chancery Lane offices and spoke to NQP’s senior partner Louise Stoten, partner Marcus Parker and director of trust services and member of the PAM Awards Judging Panel, Simon Rees.
All three were among the founding partners of NQP. Like the two other boutique firms mentioned above, this was after breaking away from a larger firm, in this case Payne Hicks Beach (PHB), to form NQP in June 2010.
NQP was essentially 50 percent of Payne Hicks Beach’s private client team and since breaking away in 2010 now has 32 staff including 22 fee earners. Ms Stoten explained that one of the main motivations for creating NQP was to offer a more independent offering to clients and "we were keen not to have a property or matrimonial department but to focus on areas where we are good at and could add value.”
It has been very liberating to come out of a large firm, according to Ms Stoten, and it allows NQP to put the interests of the clients at the forefront, something that may not happen at larger firms where private client work is just part of a larger machine.
There is a large trust element to the work NQP does. It administers and looks after on more than 300 trust structures for families. As a consequence, Ms Stoten said, the firm is more international in its approach than a lot of London firms.
“It works well for us,” Mr Rees agreed. “It gives us continual work as often a lawyer will only have infrequent contact whereas we are speaking and meeting clients on a daily and weekly basis.”
“That is the key to why we are all here and why we do it,” added Mr Parker. “It is very much long term planning for our clients – we want to help those inter-generational relationships. It is not about doing transactional work and not caring if they come back again. For that reason we do have fantastic client relationships and it’s why so many came over in the first place.
“With clients we take on now we make it clear to them that it is not just about the transaction we are doing now – we want to get to know you better, understand what you are trying to achieve and help your family to move to the next level.
“It may not be just providing tax and trust advice but because we have an holistic approach and have people from accountancy and investment backgrounds, we can cover most of the bases so that clients can phone us with a problem and we can sort it.”